The first part of the assignment requires that you find a magazine or newspaper article dealing with economic issues/events. ... as an economist, make?
Homework Assignment 3
Due on Thursday, November 1
The assignment is intended to achieve three goals: to increase your awareness of current economics issues/events, to give you practice in applying economic theories to real world situations, and to develop your ability to write about economic concepts in a clear fashion. The first part of the assignment requires that you find a magazine or newspaper article dealing with economic issues/events. You can choose to use an article off of the Internet.
Read the Wall Street Journal, The Economist, or any other major newspaper or weekly publication and select a single article that (1) either reports on interesting economic news that can be analyzed by the concepts or models taught in this course or (2) discusses one or more economic issues related to the concepts or models taught in this course.
Write a three-page essay analyzing the topic or critique the article from economic perspectives. Essay must be typed and double-spaced. The questions that you may address in this essay may include, but are not limited, to the following: • What is the main economic issue? • How is the economic issue related to the concepts or models that you have learned from this course? • What sorts of arguments/opinions have been discussed? • Do you agree or disagree with the analyses/opinions? Why? • What argument would you, as an economist, make?
The following is a suggested list of topics. This list is not exhaustive. INDUSTRY STUDY. For a specific industry, choose a current issue such as deregulation, foreign competition, and the impact of new technologies, mergers/takeovers, changing methods of competition, labor problems, or financial changes. COMPANY STUDY. Study the recent growth or decline of a particular company or its current position. This topic might include such points as the market structure within which the company grew and now operates, the elasticity of demand for its products, the degree of unionization, the cost structure (degree of fixed cost, economies of scale), the role of advertising, the degree of international competition, etc. INTERNATIONAL ISSUES. Possible topics are: current economic problems of a particular country, OPEC, the European Union, the U. S. trade deficit, protectionism, U. S. trade relations with Japan or other countries, economic development of a particular country, the World Trade Organization, etc. GOVERNMENT REGULATION. Analyze some particular government regulation or antitrust policy relative to a specific industry or company or analyze a current regulatory issue (environmental protection, OSHA, the FDA, etc.).
A useful link: Resources for Economists on the Internet: http://rfe.org/